Corn prices rallied from intraday lows, settling 1 ¾ to 3 ¼ lower as traders headed home (or left their home office) for the weekend. The rebound meant that the market held on to most of the Thursday gains, and in fact December futures posted a net ¾ cent gain for the week. The US Dollar Index was up sharply on big May employment gains, making US exports more expensive in third party currency terms.
Corn basis was mixed around the country, with farmer selling picking up in some areas after the Thursday rally but cash selling interest still lacking in others.
Industry surveys ahead of Wednesday’s USDA WASDE supply/demand report anticipate the government will show old crop ending stocks of 2.009 billion bushels and 2024/25 ending stocks of 2.079 billion bushels. Both would be lower than the May numbers if realized.
This afternoon’s Commitment of Traders report showed the managed money spec funds increased their net short in corn by 79230 contracts during the week ending June 4, increasing it to 212,706 contracts for combined futures and options.
Jul 24 Corn closed at $4.48 3/4, down 3 1/4 cents,
Nearby Cash was $4.31 1/8, down 2 7/8 cents,
Sep 24 Corn closed at $4.54 3/4, down 3 cents,
Dec 24 Corn closed at $4.67 1/4, down 2 1/4 cents,
New Crop Cash was $4.31 5/8, down 2 1/2 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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